JACKSON, Miss. (AP) — A Black-owned credit union says almost $100 million in federal funding will provide capital for a $1 billion program to help close racial and gender gaps in five Southern states over the next decade.
The Mississippi-based Hope Credit Union says each dollar in a $92.6 million capital infusion from a Treasury Department pandemic relief program will allow it to attract as much as $10 in deposits. It says financing for businesses, affordable housing, nonprofits and homebuyers will then go to needy places in Alabama, Arkansas, Louisiana, Mississippi and Tennessee.
The federal program was created in 2021 to assist low-income communities that were disproportionately affected by the COVID-19 pandemic.